Market Crash Coming? Whale Dumps $60 Million in Crypto

In the ongoing price correction, it appears that a crypto market crash is imminent. On September 30, 2024, a whale wallet address “0xcDe” dumped $59.15 million worth of cryptocurrencies to Binance, the world’s biggest cryptocurrency exchange, as reported by the on-chain transaction tracker TheDataNerd.

Whale Dumps $60 Million of Crypto

According to the report, this whale dumped 33.11 million USDT, 8,488 Ethereum (ETH) worth $22.43 million, 7,348 Solana (SOL) worth $1.15 million, 33,000 Avalanche (AVAX) worth $946,000, and 1.5 million worth of FDUSD, following the opening bell of US stock market and ahead of Jerome Powell’s speech.

Following this significant dump during the ongoing price correction mode, it appears that a price decline may be approaching the market.

Current Market Sentiment 

Currently, the overall sentiment appears negative as the price of cryptocurrencies has started to fall. According to coinmarketcap data, major cryptocurrencies like Bitcoin (BTC), Binance Coin (BNB), Solana (SOL), and Ethereum (ETH) have experienced price declines of over 3.5%, 4.5%, 2%, and 2.3%, respectively, in the past 24 hours.

Bulls Hit Hart, $200 Million of Liquidations 

This substantial price decline across the cryptocurrencies has liquidated nearly $200 million worth of long and short positions in the past 24 hours, according to the on-chain analytics firm Coinglass. Meanwhile, the largest single liquidation occurred on Binance in the BTC/USDT pair, which was recorded at $1.61 million.

The data from Coinglass also reveals that bulls are the ones being hit hard in this ongoing price decline. According to data, in Bitcoin(BTC), $42 million worth of liquidation was recorded from bulls’ long positions, while bears have liquidated nearly $7.7 million over the past 24 hours.

Similarly, in Ethereum (ETH), $25 million of liquidations comes from bulls’ long position, while short sellers have liquidated $4.8 million during the same period.